Citizens and permanent residents who cut their ties with the Republic cannot expect to continue owning landed property in the city. That is the message the Singapore government is sending through the Residential Property (Amendment) Bill, tabled in Parliament on Monday. Analysts said the Bill puts former citizens and PRs in the same boat as foreigners when it comes to landed houses. Individuals who give...
singapore property market
THE Glyndebourne, a 150- unit proposed freehold condo slated to be built on the Copthorne Orchid Hotel site along Dunearn Road, is expected to go on the market as early as next week, say sources. Market watchers suggest the average price could be about $2,000 per square foot (psf). Unit sizes are said to range from about 690 sq ft for a one-bedroom apartment with a study to 3,563 sq ft for a five-bedroom...
Proposed changes to foreign ownership of landed residential property in Singapore and a seven-day cooling period for HDB resale flats are not expected to weigh down on property prices, according to analysts. Over 80% of Singapore's population resides in flats. Hence, proposed amendments to the Residential Property Act will have little impact on the overall market, said experts. The Act regulates foreign...
More changes are on the way for the regulation of Singapore's property market. From November, sellers of Housing & Development Board (HDB) flats will have to observe a seven-day cooling-off period before they can grant an Option-to-Purchase (OTP) to the buyers. And foreign owners of landed property could face tougher rules under changes being proposed by the Law Ministry. The HDB said in a statement...
It is too early to assess the full impact of recent measures introduced to cool Singapore's hot property market, according to National Development Minister Mah Bow Tan, who was speaking in Parliament on Monday. Mr Mah added that there are however signs of greater stability in the market. Based on Urban Redevelopment Authority's (URA) flash estimate of the Property Price Index (PPI), the increase in...
In the near future, many people will look back and regret that they did not take any action to benefit from it THE property market goes through a constant cycle; the prices go up, plunge a little and fall back into place. This cycle waits for no one and investors do not halt on property purchases despite the constant flux. At any point in the economic and property cycles - whether in good times or bad -...
THE Government is always on a look out for potential bubbles, especially in property, said Senior Minister Goh Chok Tong. 'We periodically act pre-emptively to let some air out of property bubbles before they burst with a bang. And what has proven effective in cooling the property markets are direct and targeted measures.' These include reducing the maximum loan for buying a second residential property...
The Republic's property market met a frosty reception last month as the Government's cooling measures appear to have tempered demand. Data released on Friday by the Urban Redevelopment Authority (URA) showed that 911 private homes were sold last month - a 27-per_cent drop compared to August, when 1,259 units changed hands. The September figure was the second-lowest monthly sales recorded this year. In...
Upgraders are now betting on the West Coast of Singapore, where competitive pricing continues to drive strong demand for private condominiums. One such example is Palm Gardens, a 694-unit development at Hong San Walk, off Choa Chu Kang Avenue 1, which saw three transactions at prices ranging from $564 to $633 psf in the period of Sept 14 to 21. Early last month, a 958 sq ft, two-bedroom unit on the third...
Singapore's property market-cooling measures appear to have succeeded in tempering demand. Urban Redevelopment Authority (URA) data on Friday showed that 911 private homes were sold in September, a 27% on-month drop from the 1,248 units sold in August. The 911 units sold were also the second lowest monthly sales this year, behind June's figure of 847 units. The drop follows Singapore government's latest...